|
The
U.S. investment bank lowered its full-year real gross domestic
product growth forecast for the world's second biggest economy
from 6% to 5.4%, according to a note published late on Sunday.
It also lowered its 2024 growth forecast from 4.6% to 4.5%.
The cut follows similar moves by global peers, though still
leaves Goldman among the most optimistic, as data shows China's
post-pandemic recovery faltering. The bank had also lately, like
others, cut its outlook for China's currency.
"No reopening boosts have faded as quickly as in China," said
the analysts, headed by economist Hui Shan, citing the property
downturn and its flow-on effects as the main reason.
"We judge that growth headwinds are likely persistent while
policymakers are constrained by economic and political
considerations in delivering meaningful stimulus."
China's government has set a modest GDP growth target of about
5% for this year after badly missing its 2022 goal and state
media reported the cabinet met on Friday to discuss measures to
spur growth.
It has lowered several key interest rates slightly in recent
days, seen as paving the way for a cut in benchmark loan prime
rates on Tuesday.
(Reporting by Tom Westbrook; Editing by Simon Cameron-Moore)
[© 2023 Thomson Reuters. All
rights reserved.]
This material may not be
published, broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
